NOL stages billion dollar turnaround

NOL Group today reported net profit of US$461 million for 2010, representing a $1.2 billion turnaround from its $741 million loss in 2009.


The Singapore-based container shipping and logistics company said group revenue reached an all-time high of more than $9 billion, up 45 percent from last year.


NOL's fourth quarter net earnings were $177 million. That compared to a $211 million loss in the same period a year ago.


"Strong demand from shippers and rate increases in our major trade lanes helped drive the turnaround," said NOL Group CEO Ronald Widdows.


"Continued emphasis on the fundamentals of our business - efficiency, cost discipline and service quality - is just as important going forward."


NOL reported 2010 Core EBIT (Earnings Before Interest and Taxes) of $557 million, compared to a Core EBIT loss of $651 million in 2009. Core EBIT in the fourth quarter was $198 million.
(Source:http://www.cargonewsasia.com)